Intel said Thursday that it has agreed to acquire Wind River Systems for a total of about $884 million in cash, in an effort to bolster its offerings in the market for processors for embedded systems and mobile devices.

The move is part of Intel's plan to grow beyond its traditional stronghold in the PC market, the company said in a release. Intel is paying $11.50 per share in cash for Wind River.

"This acquisition will bring us complementary, market-leading software assets and an incredibly talented group of people to help us continue to grow our embedded systems and mobile device capabilities," said Renee James, Intel vice president and general manager of the company's Software and Services Group, in a statement.

The board of directors of Wind River has approved the deal, which the companies expect to close this summer, subject to regulatory approvals and other conditions to which the companies have agreed.

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